Bitcoin reaches new ATH amid institutional support
Bitcoin hits $121,300 as July rally pushes monthly gain to 13%
Bitcoin (BTC) extended its July rally to reach a fresh all-time high of $121,300, pushing its monthly gain to 13%.
The breakout marks the third consecutive green monthly candle, underscoring growing investor confidence in the asset, reports Cointelegraph.
A major driver behind the rally is the surge in institutional inflows, especially into BlackRock’s IBIT, the firm’s spot Bitcoin ETF, which reached $83 billion in assets under management this week. IBIT’s ascent is historic—tripling its AUM in just 200 trading days, compared to 15 years for gold ETF GLD to achieve similar growth. With over 700,000 BTC held, IBIT has now surpassed Michael Saylor’s Strategy by nearly 100,000 BTC, solidifying BlackRock’s position as the dominant force in ETF-based Bitcoin accumulation.
Market indicators show more room to run
Despite the meteoric rise, analysts suggest that Bitcoin has not yet entered peak euphoria. The Long-Term Holder Net Unrealized Profit/Loss (LTH-NUPL) currently sits at 0.69, still below the 0.75 threshold historically associated with overheated markets. For comparison, the 2020–2021 bull cycle saw 228 days above 0.75, while this cycle has only registered 30 such days, implying that more upside could lie ahead. Onchain activity further supports this cautious optimism: average daily transactions rose from 340,000 to 364,000 this week, still well below the 530,000–666,000 transaction peaks seen in prior bull market tops. According to analyst Axel Adler Jr., the steady transaction pace and lack of panic selling suggest a measured market with room for sustained growth.
Long-term holders strengthen BTC’s bullish foundation
Additional bullish momentum is coming from accumulator addresses, wallets that steadily acquire BTC without significant outflows. These wallets now hold a record 250,000 BTC, the highest total of 2024 so far. According to CryptoQuant, 30-day demand has surged 71%, up from 148,000 BTC at the end of June. This renewed commitment from long-term investors suggests that buy-side pressure remains strong, supporting BTC’s current valuation and raising the probability of a breakout toward the next psychological level of $125,000. As market fundamentals, ETF flows, and onchain indicators all point upward, analysts remain optimistic that Bitcoin’s price discovery phase is far from over.
Recently we wrote that the upcoming week in the U.S. has been declared “Crypto Week” as the U.S. House of Representatives prepares to review the key GENIUS and CLARITY bills aimed at making the U.S. a global leader in digital asset policy.
